Insider Buying: Orrstown Financial Services, Inc. (NASDAQ:ORRF) Director Purchases 3,000 Shares of Stock

Orrstown Financial Services, Inc. (NASDAQ:ORRF - Get Free Report) Director Scott V. Fainor purchased 3,000 shares of the stock in a transaction dated Monday, March 24th. The shares were acquired at an average cost of $31.17 per share, for a total transaction of $93,510.00. Following the completion of the acquisition, the director now owns 13,396 shares of the company's stock, valued at approximately $417,553.32. This represents a 28.86 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Orrstown Financial Services Stock Performance

Shares of Orrstown Financial Services stock traded down $0.51 on Friday, hitting $30.00. 116,956 shares of the company's stock were exchanged, compared to its average volume of 106,462. The company has a debt-to-equity ratio of 0.13, a quick ratio of 0.88 and a current ratio of 0.88. The stock has a market capitalization of $581.58 million, a PE ratio of 16.30 and a beta of 0.87. Orrstown Financial Services, Inc. has a 1 year low of $24.70 and a 1 year high of $41.99. The company has a 50-day simple moving average of $33.20 and a 200-day simple moving average of $35.84.

Orrstown Financial Services (NASDAQ:ORRF - Get Free Report) last issued its quarterly earnings results on Friday, January 31st. The bank reported $0.87 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.17). Orrstown Financial Services had a return on equity of 15.77% and a net margin of 7.70%. As a group, equities analysts anticipate that Orrstown Financial Services, Inc. will post 4.23 EPS for the current year.

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Orrstown Financial Services Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Friday, February 14th were issued a dividend of $0.26 per share. The ex-dividend date was Friday, February 14th. This represents a $1.04 annualized dividend and a yield of 3.47%. This is an increase from Orrstown Financial Services's previous quarterly dividend of $0.23. Orrstown Financial Services's payout ratio is currently 56.52%.

Hedge Funds Weigh In On Orrstown Financial Services

A number of hedge funds have recently modified their holdings of the company. Comprehensive Financial Planning Inc. PA purchased a new position in shares of Orrstown Financial Services during the 4th quarter valued at $38,000. R Squared Ltd bought a new stake in Orrstown Financial Services during the fourth quarter valued at about $42,000. VSM Wealth Advisory LLC purchased a new position in shares of Orrstown Financial Services in the fourth quarter valued at about $47,000. Summit Investment Advisors Inc. boosted its stake in shares of Orrstown Financial Services by 21.9% in the fourth quarter. Summit Investment Advisors Inc. now owns 1,942 shares of the bank's stock worth $71,000 after acquiring an additional 349 shares during the period. Finally, Stonebridge Financial Group LLC purchased a new stake in shares of Orrstown Financial Services during the fourth quarter worth about $92,000. 44.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ORRF has been the topic of several research analyst reports. Piper Sandler initiated coverage on shares of Orrstown Financial Services in a research note on Wednesday, January 8th. They set an "overweight" rating and a $43.00 target price on the stock. Keefe, Bruyette & Woods reiterated an "outperform" rating and set a $42.00 price objective (down previously from $46.00) on shares of Orrstown Financial Services in a research report on Monday, February 3rd.

About Orrstown Financial Services

Orrstown Financial Services, Inc operates as the financial holding company for Orrstown Bank that provides commercial banking and financial advisory services to retail, commercial, non-profit, and government clients in the United States. It accepts various deposits, including checking, savings, time, demand, and money market deposits, as well as certificates of deposit.